Raute

Raute’s Q3 figures were encouraging, and even if FY’26 EBITDA would decline more than we estimate the earnings multiples are still low enough to leave margin for upside.

Raute recently issued another positive profit warning, according to which FY’25 revenue will be slightly lower than previously anticipated while comparable EBITDA will remain high in absolute and especially relative terms. Q3 results were clearly better...

Raute reports Q3 results on Oct 30. Earnings are likely to peak at least temporarily this year, but multiples also don’t imply big expectations for new orders. A turning point in the order backlog decline trend could yet drive upside soon.

Raute’s margins impress, while extended low orders pose big earnings headwinds, yet multiples remain very undemanding.

Raute’s EUR 43.8m Q2 top line came in clearly below our estimate, yet the EUR 6.5m comparable EBITDA was basically in line with our estimate as Wood Processing continued to deliver very high margins. The very low EUR 12m in new orders was a clear negative...

Raute reports Q2 results on Aug 12. This year will set another earnings record, while the focus now turns to new orders.